Hydrogen Market Growing Due to Increasing Uptake of Fuel Cell Electric Vehicles
Abundant availability of hydrogen through water, hydrocarbons, fossil fuels, and organic matter provides vital energy source. Strives to eradicate the carbon emissions for developing a low carbon economy by using renewable-based hydrogen is contributing for the growth of global hydrogen market. A recent publication of IndustryARC says that the global hydrogen market size was $118.1 billion in 2018 and projects growth at a Compound Annual Growth Rate (CAGR) of 5.48% over the forecast period of 2019-2025.
The report is
Hydrogen Market - Industry Analysis, Market Size, Share, Trends, Application
Analysis, Growth and Forecast 2019 – 2025.” It provides a detailed analysis of the
competitive structure, hydrogen market trends, hydrogen market demand, and hydrogen
market drivers among others to the key market participants with the necessary business
intelligence and helps them understand the future of the global hydrogen
Hydrogen Market: Leading Segments
Hydrogen Council has fixed their targets for 350,000 commercial trucks, 50,000 buses, and thousands of trains by 2030, and for 12 to 20 million commercial trucks, 5 million buses, and 20% of trains by 2050. Hydrogen is extensively used in chemical, metal processing, glass industry, petroleum refining, edible fats and oils, and energy industries. Ammonia Production is admitted as the fastest growing application with a CAGR of 2.50% throughout the above-mentioned forecast period. As the major quantity of hydrogen is utilized to produce ammonia, this segment is sourcing impeccable shares in hydrogen market revenue.
Australia is identified as the front runner in cutting down the carbon emissions, as it uses abundant of coal supplies to produce hydrogen. Japanese homes are furnished with fuel cell technology to deliver electricity and hydrogen production from many plants is processed using renewable energy sources. Government of China has planned to shrink the usage of diesel vehicles and empowering the commercialization of fuel cell electric vehicles (FCEVs). Therefore, APAC occupied the leading regional share that is 55% in the global hydrogen market as of 2018. Wherein Japan also targeted to display the technology with thousands of hydrogen fuel cell vehicles, a system of filling stations and a hydrogen-powered athletes’ village at 2020 Tokyo Olympics.
Hydrogen Market: Disruptive Trends
o Presently hydrogen is exploring as a transportation fuel, government and industry are putting their efforts to produce and distribute clean, safe and economical hydrogen, as it provides low carbon mobility via FCEVs.
o Hydrogen with natural gas is widely used
in the high-emission applications and also replaces fossil-based feed stocks.
o Implementation of hydrogen fuel cell
passenger train in Germany is propelling the green hydrogen revolution.
o Cheaper green electricity is boosting
the low-cost green hydrogen. Hydrogen power the fuel cell-based vehicles on the
o Application of green hydrogen into
industrial processes, homes, mobility, buildings, and cities at a quicker rate
is driving the demand for hydrogen everywhere.
Hydrogen is flourishing as an effective energy
carrier and also as a sustainable energy source. New strategies employing the
conversion of electricity which is generated from wind turbines into hydrogen
fuel. So that it avoids cars to rely on fossil fuels as it fuel cars.
o Increasing investments by automotive OEMs to manufacture electric cars are also impacting the growth of the global hydrogen market.
o Government policies in countries namely China, India, Japan, and South Korea are encouraging zero-emission vehicles
Hydrogen Market: Competitive Landscape
Some of the prominent players who are topping with their hydrogen market share are listed as Praxair, Inc., Airgas, Inc., Air Liquide S.A., Iwatani Corporation, INOX Air Products Ltd., Hydrogenics Corporation, Linde AG and Messer Group GmbH.
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What can you expect from the report?
The hydrogen market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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